By Sakina Arsiwala
The talented professionals working at the global tech giants such as Amazon, Google, Meta, and Microsoft are bearing the brunt of mass layoffs, downsizing and cost-cutting measures. Economic downturns, inflation, possibilities of a recession, supply chain challenges and geopolitical turmoil have propelled big tech firms to slash their workforce, leaving tens of thousands of workers looking for new jobs. Amidst future uncertainties and fear, Web3 offers a silver lining for tech talent. In recent years, this space has registered promising growth owing to technological advancements, its decentralised nature and the opening of new revenue streams. The young and skilled professionals who are tech savvy are aware of the immense potential and possibilities in Web3 and are fast moving towards it not just for financial gains but also for a secured future.
While traditional tech companies are controlled by public or private entities in a centralised manner, the Web3 space is more decentralised in nature. It is more open, secure and transparent for everyone. India, in recent times, has undergone massive technology transformation and has emerged as a hotbed of opportunities in areas like Web3, blockchain, NFTs, metaverse, decentralised finance and others, which is also confirmed by a NASSCOM study. According to the survey, the country has registered a massive jump of 138% in crypto and blockchain-related jobs in the last 5 years. The large base of Gen Z and the millennial population is highly competent and digitally skilled, providing an excellent match to cater to the needs of the booming Web3 space in India and across the globe.
Opportunities abound in Web3 for tech talent
Web3 companies are helping to offset the layoffs at big tech corporations by providing huge career opportunities regardless of someone’s location. This is significantly influenced by the nature of its technology that supports the creation of decentralised autonomous organizations (DAOs) and systems. This paves the way for the creation of jobs which are not restricted to any geography but can be performed anywhere, anytime.
The vanguard firms understand the needs of a young, tech-savvy workforce and are constantly adopting innovative ways to empower them. Web3 companies offer employees ownership with tokens that hold an upside. This not only brings workers closer but also instils confidence in them with a say in future courses of action.
Web3 delivers benefits to those who are looking at changing their roles or want to explore new opportunities. For example, anyone can become a Web3 content creator and produce meaningful, engaging, informative and entertaining media. Media can include videos, podcasts, infographics and even the development of NFTs which are tokens that give a creator ownership of published content, information, music, photos, etc.
Growth in Web3 gaming in particular is another opportunity for talented, young professionals. The rise of play-to-earn gaming platforms has unlocked possibilities for developers, gamers, content creators, designers and others. People can both play games and also become the owners of assets in the virtual world. They can design avatars, gaming scenarios, skins, and other in-game components as they get ownership in the form of NFTs. In the current environment of layoffs and economic uncertainties, Web3 continues to create career opportunities for job seekers. It has changed the traditional ways of making a single income and as the industry develops further, it will emerge as one of the most flexible and favoured sources of employment for tech talent.
The author is co-founder, Taki